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2nd Interim Report 2025
2nd Interim Report 2025
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2nd Interim Report 2025
  • 2nd Interim Report 2025
  • 1st Interim Report 2025
  • Sustainability Impact Report 2024
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  • 3rd Interim Report 2024
  • 2nd Interim Report 2024
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  • Annual Report 2023
  • 3rd Interim Report 2023
  • 2nd Interim Report 2023
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  • Annual Report 2022
  • 3rd Interim Report 2022
  • 2nd Interim Report 2022
  • 1st Interim Report 2022
  • Annual Report 2021
  • 3rd Interim Report 2021
  • 2nd Interim Report 2021
  • 1st Interim Report 2021
  • Annual Report 2020
  • 3rd Interim Report 2020
  • 2nd Interim Report 2020
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Table of contents for the 2nd Interim Report 2025 report

2nd Interim Report 2025
KPIs GroupKPIs SegmentsFinancial review
SummaryDepreciation and amortisation, non operating resultsCash flowsNet asset positionOutlook
Consolidated interim financial statements
Consolidated statement of comprehensive income (unaudited)Consolidated balance sheet (unaudited)Consolidated statement of cash flows (unaudited)Consolidated statement of changes in equity (unaudited)
Notes to the interim financial statements
About this report1 Changes in accounting principles2 Segment information3 Operating costs4 Dividend5 Financial liabilities6 Financial result7 Net current operating assets8 Goodwill9 Provisions and contingent liabilities10 Acquisition of Vodafone Italia
Alternative performance measures
Reconciliation of alternative performance measures
Further information
Share informationQuarterly review 2024 and 2025Forward looking statements
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Quarterly review 2024 and 2025

In CHF million, except where indicated   Q1   Q2   Q3   Q4   2024   Q1   Q2   Q3   Q4   2025
                                         
Financial data, reported
                                         
Revenue   2,699   2,747   2,714   2,857   11,017   3,759   3,687           7,446
Direct costs   (694)   (735)   (737)   (841)   (3,007)   (1,188)   (1,162)           (2,350)
Indirect costs   (922)   (961)   (890)   (1,173)   (3,946)   (1,294)   (1,328)           (2,622)
EBITDA after lease expense (EBITDAaL)   1,083   1,051   1,087   843   4,064   1,277   1,197           2,474
Lease expense   172   177   176   178   703   409   407           816
EBITDA   1,255   1,228   1,263   1,021   4,767   1,686   1,604           3,290
Depreciation and amortisation   (522)   (539)   (530)   (553)   (2,144)   (773)   (789)           (1,562)
Depreciation of right-of-use assets   (165)   (168)   (168)   (169)   (670)   (394)   (388)           (782)
Operating income (EBIT)   568   521   565   299   1,953   519   427           946
Financial income and financial expense, net   (14)   (50)   (13)   (13)   (90)   (77)   (103)           (180)
Equity-accounted investees   –   (1)   –   (1)   (2)   –   –           –
Income before income taxes (EBT)   554   470   552   285   1,861   442   324           766
Income tax expense   (99)   (89)   (105)   (27)   (320)   (75)   (66)           (141)
Net income   455   381   447   258   1,541   367   258           625
                                         
Earnings per share (in CHF)   8.78   7.35   8.63   5.00   29.77   7.08   5.00           12.08
                                         
Capital expenditure   594   563   574   581   2,312   779   706           1,485
Operating free cash flow   489   488   513   262   1,752   498   491           989
Free cash flow   198   155   684   400   1,437   471   25           496
Net debt   7,171   8,108   7,507   16,046   16,046   15,634   16,529           16,529
                                         
Financial data, pro forma
                                         
Revenue   3,806   3,813   3,798   3,941   15,358   3,759   3,687           7,446
Direct costs   (1,171)   (1,191)   (1,188)   (1,341)   (4,891)   (1,188)   (1,162)           (2,350)
Indirect costs   (1,268)   (1,371)   (1,260)   (1,524)   (5,423)   (1,294)   (1,328)           (2,622)
EBITDA after lease expense (EBITDAaL)   1,367   1,251   1,350   1,076   5,044   1,277   1,197           2,474
Lease expense   399   410   404   402   1,615   409   407           816
EBITDA   1,766   1,661   1,754   1,478   6,659   1,686   1,604           3,290
                                         
Capital expenditure   897   715   733   770   3,115   779   706           1,485
Operating free cash flow   470   536   617   306   1,929   498   491           989
                                         
Financial data, pro forma adjusted
                                         
EBITDAaL, pro forma   1,367   1,251   1,350   1,076   5,044   1,277   1,197           2,474
Regulatory litigations   (24)   –   –   –   (24)   –   –           –
Transaction cost Vodafone Italia   6   7   5   42   60   –   –           –
Restructuring cost   –   –   –   13   13   –   2           2
Adjustments Switzerland   (18)   7   5   55   49   –   2           2
Integration cost   –   –   –   167   167   6   13           19
Adjustments Italy   –   –   –   167   167   6   13           19
Restructuring cost segment Others   –   –   –   1   1   –   –           –
Reconciliation pension cost Group   (4)   (5)   (5)   (11)   (25)   4   4           8
Total adjustments   (22)   2   –   212   192   10   19           29
EBITDAaL, pro forma adjusted   1,345   1,253   1,350   1,288   5,236   1,287   1,216           2,503
In CHF million, except where indicated   Q1   Q2   Q3   Q4   2024   Q1   Q2   Q3   Q4   2025
                                         
Financial data
                                         
Revenue
Switzerland   1,986   1,988   1,971   2,031   7,976   1,962   1,935           3,897
Italy   1,731   1,728   1,738   1,816   7,013   1,717   1,663           3,380
Others   252   285   283   291   1,111   259   270           529
Elimination   (163)   (188)   (194)   (197)   (742)   (179)   (181)           (360)
Total revenue, pro forma   3,806   3,813   3,798   3,941   15,358   3,759   3,687           7,446
Vodafone Italia   (1,107)   (1,066)   (1,084)   (1,084)   (4,341)   –   –           –
Total revenue, reported   2,699   2,747   2,714   2,857   11,017   3,759   3,687           7,446
                                         
EBITDA after lease expense (EBITDAaL)
Switzerland   886   817   847   779   3,329   865   819           1,684
Italy   455   405   470   273   1,603   398   362           760
Others   30   36   38   32   136   31   32           63
Reconciliation pension cost   4   5   5   11   25   (4)   (4)           (8)
Elimination   (8)   (12)   (10)   (19)   (49)   (13)   (12)           (25)
Total EBITDAaL, pro forma   1,367   1,251   1,350   1,076   5,044   1,277   1,197           2,474
Vodafone Italia   (284)   (200)   (263)   (233)   (980)   –   –           –
Total EBITDAaL, reported   1,083   1,051   1,087   843   4,064   1,277   1,197           2,474
                                         
Capital expenditure
Switzerland   445   420   437   423   1,725   423   410           833
Italy   452   298   295   355   1,400   360   301           661
Others   8   10   11   10   39   9   7           16
Elimination   (8)   (13)   (10)   (18)   (49)   (13)   (12)           (25)
Total capital expenditure, pro forma   897   715   733   770   3,115   779   706           1,485
Vodafone Italia   (303)   (152)   (159)   (189)   (803)   –   –           –
Total capital expenditure, reported   594   563   574   581   2,312   779   706           1,485
                                         
Operating free cash flow
Switzerland   441   397   410   356   1,604   442   409           851
Italy   3   107   175   (82)   203   38   61           99
Others   22   26   27   22   97   22   25           47
Reconciliation pension cost   4   5   5   11   25   (4)   (4)           (8)
Elimination   –   1   –   (1)   –   –   –           –
Total operating free cash flow, pro forma   470   536   617   306   1,929   498   491           989
Vodafone Italia   19   (48)   (104)   (44)   (177)   –   –           –
Total operating free cash flow, reported   489   488   513   262   1,752   498   491           989
                                         
Operational data in thousand and headcount in FTEs
                                         
Operational data Switzerland
Mobile postpaid access line   5,360   5,382   5,417   5,460   5,460   5,511   5,556           5,556
Broadband access lines retail   1,991   1,982   1,973   1,967   1,967   1,953   1,947           1,947
TV access lines   1,526   1,511   1,499   1,493   1,493   1,481   1,475           1,475
Fixed telephony access lines   1,203   1,181   1,159   1,137   1,137   1,108   1,087           1,087
Broadband access lines wholesale   704   712   722   731   731   742   749           749
                                         
Operational data Italy
Broadband access lines   6,058   5,992   5,946   5,916   5,916   5,849   5,792           5,792
Broadband access lines wholesale   720   778   832   905   905   968   1,018           1,018
Mobile access lines   20,174   20,116   20,110   20,216   20,216   20,215   20,207           20,207
                                         
Full-time equivalent employees
Switzerland   13,389   13,361   13,400   13,319   13,319   13,280   13,158           13,158
Italy   7,637   7,650   7,266   7,251   7,251   7,220   7,165           7,165
Others   3,334   3,325   3,314   3,269   3,269   3,217   3,175           3,175
Total FTEs   24,360   24,336   23,980   23,839   23,839   23,717   23,498           23,498